Cameco (NYSE:CCJ) stock is getting a boost on Wednesday alongside news of a Senate bill that would ban the import of Russian uranium.
The Senate has passed a bill that would block the import of Russian uranium. Now it just needs the signature of President Joe Biden and it will become law. That could be beneficial to Cameco, considering it operates in the same space.
Cameco is a uranium company based out of Canada that does business in the U.S. If a potential ban on Russian uranium is approved, as it likely will be, this could result in increased demand for the company’s services.
U.S. Senator and Senate Energy Committee member John Barrasso said the following about the Russian uranium ban:
“Our bipartisan legislation will help defund Russia’s war machine, revive American uranium production, and jumpstart investments in America’s nuclear fuel supply chain.”
How This Affects CCJ Stock Today
News of the bill passing brings with it strong trading for CCJ stock on Wednesday. That has more than 1.7 million shares changing hands as of this writing. That’s closing in on the company’s daily average trading volume of about 4.8 million shares.
CCJ stock is up 4% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
